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Elden [556K]
3 years ago
6

At the beginning of Year 2, the company repurchased and retired 1,100 shares at $8.10 per share. Prepare the appropriate journal

entry for the repurchase and retirement of the shares. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)
Business
1 answer:
Tema [17]3 years ago
5 0

Answer:

Explanation:

We have two journal entries to be able record the repurchase and retirement of the shares

First journal to record the share repurchased

Dr Treasury stock 8,910

Cr Cash 8,910

While the second journal is to record the retirement of share repurchased:

Dr Common stock 1,100

Dr Paid-in capital common stock 2,310

Dr Retained Earning 5,500

Cr Treasury stock 8,910

To record the share repurchased:

The Treasury stock account is debited with the amount that is equals to cash paid for stock that is been repurchased, therefore, offsetting entry is credit Cash account = Number of share repurchased multiply Price purchase

= 1,100 * 8.1

= $8,910

Also, to record the retirement of share repurchased:

The common stock account is been debited at the amount = Par value multiply by Share retired

= 1 * 1,100

= $1,100

As one common stock is carried $2.1 value excess of par ( which is calculated as 168,210 / 80,100); paid-in capital account is debited by $2,310 ( 1,100 * 2.1)

The retained earning is been debited by the amount is calculated as follows,;

Number of share retired multiply by ( Price at retired - Par value - Excess of par value) = 1,100 * ( 8.1 -1-2.1) = $5,500

Treasury account is debited $8,910 to bring the balance of this account to zero as stocks repurchased are fully retired.

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The president of the United States receives tax policy advice from economists in the a. Federal Reserve. b. Department of Justic
Evgen [1.6K]

Answer:

Department of the Treasury

Explanation:

The function of the Department of the Treasury is to conserve a firm economy and also to create various job opportunities by accelerating the various conditions that enable the growth of the economy.

The Treasury also play an important role in intensifying national security by tackling a variety of threats and protecting the integrity of the financial system. It also plays a role in handling the U.S. Government’s finances and resources effectively. The United States president also receives tax policy advice from economists in Treasury Department.

7 0
3 years ago
A company produces a cardboard box in the shape of a cube. The surface area of the box is represented by S=6x2, where x is the e
nydimaria [60]

Answer:

x = \sqrt{\frac{S}{6} }  or ( \frac{S}{6} )^{\frac{1}{2} }

Explanation:

The cardboard box is in the shape of a cube. The surface area of the box is given by:

S = 6x^{2}

To find the inverse, we have to solve for x. To solve for x means we will make x the subject of the equation above

Divide both the right and left hand side by 6, we have:

6x^{2} ÷ 6 = S ÷ 6 ⇒ x^{2} = \frac{S}{6}

x^{2} = \frac{S}{6}

Take the square root for both the right and left hand side, we have:

\sqrt{x^{2} } = \sqrt{\frac{S}{6}} ⇒ x =  \sqrt{\frac{S}{6}}

x = \sqrt{\frac{S}{6} }  or  ( \frac{S}{6} )^{\frac{1}{2} }

Therefore, x is equivalent to the square root of (S/6)

7 0
3 years ago
Read 2 more answers
is a seller's obligation to replace or fix a product (or service) that fails to perform as expected within a specified period.
fgiga [73]

Seller's obligation to replace or correct a product (or service) that fails to perform as expected within a specified period. To conform with the matching principle, the seller reports the expected warranty expense in the period when revenue from the sale is reported.

<h3>What are sales?</h3>
  • Sales are actions involving the sale of goods or the volume of items sold during a specified time frame.
  • A sale also includes the provision of a service for a fee.
  • In response to an acquisition, appropriation, request, or a direct connection with the customer at the point of sale, the seller or provider of the products or services completes a sale.
  • Title (property or ownership) of the object is transferred, and a price is settled, meaning a price is agreed upon for which the ownership of the item will transfer.
<h3>Why are sales important?</h3>
  • A sale is a transaction in which two or more people trade goods, services, or other assets for cash.
  • Sales often occur when a seller and a buyer exchange items or assets for money or other assets.

Learn more about sales here:

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8 0
2 years ago
Average demand for a particular item is 1,200 units per year. it costs $100 to place an order for this item, and it costs $24 to
Anika [276]
On average this item will be ordered "once a <span>month".
We can find the order interval by dividing the EOQ (economic order quantity), in above situation that is equal to 100 and annual demand is equal to 1200.
So, the time interval in which this item will be ordered;
100/1200 = 1/12
it means 1/12th of a year that is equal to once a month.
</span>
3 0
3 years ago
A company has two departments, Y and Z that incur delivery expenses. An analysis of the total delivery expense of $14,000 indica
Aneli [31]

Answer:

Dept Y = $7750

Dept Z = $6250

Explanation:

To allocate the cost the cost , the first step is to deduct the indirect expenses related to Y

The allocate the balance in the ratio of 50:50 to Y and Z

Total delivery expenses - $14,000

Dept Y = 1500 +( 12500*50%)

1500+6250 =7750

Dept Z = 6250

4 0
3 years ago
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